9911796707
TMI Blog2006 (1) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961 (for short "the Act"), is directed against order dated February 24, 2004, passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), in I.T.A. No. 659(ASR)/1997 pertaining to the assessment year 1988-89. According to the Revenue, the order gives rise to the following substantial question of law: "1. Whether, the learned Income-tax Appellate Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this appeal are as follows: In respect of the assessment year 1989-90, the Assessing Officer, while framing the assessment for the said assessment year, made an addition of Rs. 3,75,000 as unexplained investment. The assessment was framed under section 144 of the Act in the status of association of persons (for short "the AOPs"). However, on the assessee's challenge to the said order in appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the Revenue took the matter in further appeal to the Tribunal. By the impugned order, the Tribunal has upheld the view taken by the Commissioner of Income-tax (Appeals). Hence, the present appeal. It is vehemently argued by Dr. N.L. Sharda, learned counsel for the Revenue, that since an excise licence had been issued in the name of M/s. Kulwant Singh and Company-assessee herein, in March 1988, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the Tribunal in support of the stand of the Revenue that an association of persons was in fact in existence in the assessment year 1988-89. In this view of the matter, no fault can be found with the finding recorded by the Tribunal that neither a firm nor an association of persons being in existence in the previous year relevant to the assessment year 1988-89, no assessment could be framed i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
